The latest on-chain data shows that $30,000 in Bitcoin (BTC) is the most popular “buy” level ever.
According to data from crypto analytics firm glass nodethe amount of Bitcoin changing hands near the current spot price is at an all-time high.
Bitcoin: ‘Big action is coming’ due to buyer interest
BTC’s price action may have stalled near the $30,000 mark, but buyer behavior suggests that the largest cryptocurrency is in high demand right now.
Glassnode monitoring of unspent transaction outputs (UTXOs) shows that $30,200 is the price at which the maximum amount was created.
The data comes from the company’s entity-adjusted URPD (UTXO Realized Price Distribution Indicator). This counts UTXOs, but discards two important transaction types that can give the wrong impression of demand.
“In this calculation, we discarded token flows between addresses controlled by the same entity, since such transfers do not correspond to real purchase events and would distort the actual average purchase price. Additionally, we excluded exchanges’ All supply, as a single average price for millions of user funds is misleading and can create unwanted artifacts in the data,” the Glassnode explainer confirmed.
As a result, 3.8% of BTC’s total supply ended up rising to $30,200 and even above $16,500, marking the area around the post-FTX bottom in 2022.
‘Big action is coming’ says popular anonymous trader Mikybull Crypto commented This is in response to the non-entity adjusted dataset, which shows similar numbers.
Over 7 Million Bitcoins ‘Hold or Lost’
Other on-chain data reinforces the notion that veterans are not interested in selling their stake despite BTC doubling in price this year.
Related: Bitcoin Spending Replicates History, Metrics Mark ‘Phase 1 Bull Run’
Glassnode’s “Hold or Lost Coins” metric, which covers what it describes as “old and large BTC holdings,” continues its march toward new all-time highs.
Coins held or lost are based on what the Bitcoin blockchain calls “liveness” — how much supply moves immediately and after periods of dormancy.
This data can give us insight into how stagnant the supply is, as the name suggests, including how much may not materialize indefinitely — for example, due to wallet owners not being able to access their investments.
Currently, coins held or lost include 7.77 million bitcoins, worth about $233 billion. This is the highest record in five years.
Estimates have long suggested that about 20% of Bitcoin’s 21 million units may have been permanently locked away from circulation.
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This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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